The benefit under this part for an eligible couple (including couples where one or both members of the couple are receiving benefits payable under the Sec. 416.212 provisions), neither of whom is subject to suspension of benefits based on Sec. 416.1325 or reduction of benefits based on Sec. 416.414 nor is a qualified individual (as defined in Sec. 416.221) shall be payable at the rate of $8,460 per year ($705 per month), effective for the period beginning January 1, 1996. This rate is the result of a 2.6 percent cost-of-living adjustment (see Sec. 416.405) to the December 1995 rate. For the period January 1, through December 31, 1995, the rate payable, as increased by the 2.8 percent cost-of-living adjustment, was $8,224 per year ($687 per month). For the period January 1, through December 31, 1994, the rate payable, as increased by the 2.6 percent cost-of-living adjustment, was $8,028 per year ($669 per month). The monthly rate is reduced by the amount of the couple's income which is not excluded pursuant to subpart K of this part. [61 FR 10278, Mar. 13, 1996]